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Marcus & Millichap Seals Deal for Brooklyn Development Site
Marcus & Millichap completed the sale of 150 Lawrence St., a 19,437-square-foot mixed-use building on a 64.08-foot by 100 foot-lot with 71,990-square feet of air rights in Brooklyn. The asset sold for $22.5 million.
“Located in an opportunity zone, the property has special district C6 – 4.5 DB zoning, which permits a wide range of uses, including towers,” said Shaun Riney with Marcus & Millichap in Brooklyn. “Within 100 feet of the property at 47-56 Willoughby St., permits have been filled for a 38-story, 376-foot high-rise that will yield 223,470 square feet, including 290 units of residential and 4,506 square feet of commercial.”
Riney and Marcus & Millichap’s Michael Salvatico and Robbie Ferman had the exclusive listing to market 150 Lawrence St. on behalf of the seller, The Kao Family, and procured the buyer, Solomon Schwimmer.
- ◦Sale/Acquisition
